26 June 2012 17:29 [Source: ICIS news]
HOUSTON (ICIS)--A stock analyst reduced the price target for Methanex on Tuesday because of falling oil prices and mounting economic worries.
Steve Hansen at Raymond James lowered the target for the Canada-based methanol producer to $35 from $42 based on reduced oil forecasts and growing “macro headwinds”, according to his report.
Methanex’s NASDAQ-listed shares fell below $26 in mid-morning trading. The stock’s 52-week high is $35.52, the low $19.50.
Hansen’s report cited research predicting that oil prices would fall to $65/bbl in 2013. In addition, the report cited signals suggesting a slowing in global economies, including China.
“We recommend that investors remain on the sidelines until greater macro visibility emerges,” the report said.
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